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Brooks Company carries three inventory items. The following information pertains to the ending inventory: ...

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Question

Accounting

Brooks Company carries three inventory items. The following information pertains to the ending inventory:

Item

Quantity

Unit Cost

Unit Market Value

A

220

$

11

$

10

F

235

12

11

K

170

5

8

Required

a.

Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items.

ending inventory = ?

b.

Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Event 1: record entry for cost of goods sold

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